You won’t believe how much cheaper they are now
Looking back over the past decade, you’d be forgiven for thinking everything has rocketed in price due to the rampant inflation that kicked in post-COVID. But here’s the twist: in real terms, plenty of products have actually become far more affordable and prices for an array of items have tumbled, driven by technological advances, economies of scale, and tougher competition.
Defying the trend of rising costs, read on to discover 18 things that were way more expensive in 2015. All prices are in US dollars but reflect similar trends in currencies around the world.
Solar panel-generated energy
In the space of a decade, solar panels have become the cheapest source of electricity in history, according to the International Energy Agency (IEA).
Innovation leaps, massively expanding production and take-up, as well as favourable government policies, have helped pull down prices by a jaw-dropping 90% since 2015. And as the green revolution gathers momentum, costs are set to fall even further, from around $0.20 per watt now to a minuscule $0.097 per watt by 2030.
Airfares
The post-pandemic travel boom turbocharged tourism and this, combined with the increased cost of fuel and other aviation essentials, has pushed up the cost of flying in the past few years. But according to the International Air Transport Association (IATA), airfares are actually down 40% in real terms compared to 2015.
Believe it or not, June this year was the second-cheapest month ever for inflation-adjusted airfares.
Air fryers
Air fryers mushroomed in popularity during the pandemic and have since become a staple in many kitchens. First introduced by Philips in 2010, the low-fat cooking innovation was still relatively new in 2015 and remained unfamiliar to many. That year, prices for the Philips range, which had few competitors, started at $250.
Now, the cheapest Philips model retails for just $99.99, which is 60% cheaper from a nominal point of view and over 70% more affordable in real terms. Plus, the newer models are more advanced and efficient, with larger capacities.
Drones
Hobbyist drones were beginning to take off in 2015 as technology improved. Soon after, aviation authorities opened up the skies and prices started to fall. Today, they’re virtually everywhere and cost dramatically less.
To give you an idea of just how far prices have come down, a DJI Phantom 3 Standard retailed for $799 in 2015. Now, a far more advanced DJI Mini 3, with superior camera quality, longer flight time, and greater range, sells for just $419.
